The U.S. and China have yet to sign their phase one trade deal, but the two economic superpowers have already begun setting their sights on phase two. “It’s important we remember that our eyes are on the prize, and the prize really consists of a number of key issues that would be part of a […]
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U.S. Stocks Hit Records After Reports of ‘In Principle’ US–China Trade Deal…
U.S. stock indexes hit record highs on Dec. 12 after reports that the United States had reached an “in principle” deal with China, as the two countries seek to resolve a 17-month trade war. Stocks soared in the afternoon after Bloomberg first reported on the in-principle deal, with the S&P 500 and Nasdaq closing at […]
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BIS Drops a Bombshell: Four U.S. Mega Banks Are Core of Repo Loan Crisis…
Yesterday, the Bank for International Settlements (BIS) dropped a bombshell report that torpedoed the Federal Reserve’s official narrative on what has caused the overnight lending market (repo loan market) on Wall Street to seize up since September 17, leading to more than $3 trillion in cumulative loans from the New York Fed as lender of […]
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Exxon Mobil Prevails in New York Climate Change Suit…
A judge on Tuesday ruled in favor of Exxon Mobil Corp in a lawsuit brought by New York state accusing the oil company of hiding from investors the true cost of addressing climate change. Justice Barry Ostrager in Manhattan Supreme Court ruled that the state attorney general failed to produce any evidence that investors were […]
USTR Robert Lighthizer Delivers Remarks at USMCA Signing Ceremony in Mexico City…
U.S. Trade Ambassador Robert Lighthizer traveled to Mexico to put the finishing touches on the revised USMCA agreement. Ambassador Lighthizer delivered remarks at the signing ceremony hosted by Mexican President Andres Manuel Lopez-Obrador. U.S. Trade Representative Robert Lighthizer stressed the United States has a stake in Mexico’s success as representatives from the United States, Mexico […]
Trump Shuts Down WTO Appeals Court, Sending EU, China Scrambling for ‘Plan B’…
Axios certainly has the best intro to today’s bombshell development: “Internationalists have always dreamed of a court with jurisdiction over all the countries of the world. In 1995, the World Trade Organization was created — allowing the world’s countries to press claims against one another for the first time.” But it won’t survive the Trump […]
Carmakers Shed 80,000 Jobs as Electric Shift Upends Industry…
It’s turning out to be one of the worst years ever for auto workers across the globe amid shrinking demand and a tectonic shift in vehicle technology, with Daimler AG and Audi announcing almost 20,000 job cuts in just the past week. All told, carmakers are eliminating more than 80,000 jobs during the coming years, […]
GM, LG Chem to Create $2.3B Battery Cell Venture for Electric Vehicles, to Create 1,100 Jobs in Ohio…
General Motors and LG Chem will invest up to $2.3 billion by 2023 to form a joint venture in Ohio for the production of battery cells for electric vehicles. The companies plan to build a battery cell factory in the Lordstown area of northeast Ohio. Construction of the plant, which is expected to be among […]
266,000 JOBS ADDED IN NOVEMBER. UNEMPLOYMENT REMAINS AT 50 YEAR LOW…
November saw 266,000 new jobs in the United States, up from the previous month, according to federal data released Friday. That beat expectations from forecasters, who anticipated the United States would add between 180,000 and 190,000 new jobs in the wake of October’s initial estimate of 128,000 jobs added. The Bureau of Labor Statistics also […]
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More Than a Half Million People to Lose Food Stamps Under New Trump Rule…
More than a half-a-million people are set to be thrown off food stamps after the Trump administration on Wednesday approved a new requirement tightening the criteria to qualify for the public assistance program. The law would ask states to mandate certain work requirements for people seeking to qualify for the benefits in areas deemed in […]
Drug Protections to Be Rolled Back in USMCA…
A top Mexican official has claimed that protections for biologic drugs are being rolled back in the pending trade deal being negotiated by the Trump administration, an apparent compromise that could attract Democratic support at the cost of the pharmaceutical industry. At the same time, Mexico has said it would resist allowing United States inspectors […]
Tucker Carlson Rips ‘Vicious’ Billionaire Paul Singer for ‘Vulture Capitalism’ Tactics Resulting in Decimation of Towns and Jobs…
During his Tuesday broadcast of Fox News Channel’s “Tucker Carlson Tonight,” host Tucker Carlson took a highly critical look at billionaire hedge fund manager and political financier Paul Singer’s practices, which have made him a wealthy man. Carlson reminded viewers of the circumstances throughout the country in an age where the industrial sector thrived but […]
Fewer, Bigger Businesses Is Just What the Central Planners Want…Excise ALL Competition…
Back in the day, I got a peek into how the state sees commerce and daily life. I was something of a regulator for a while, sitting on the alcoholic beverage licensing subcommittee of the local Advisory Neighborhood Council in D.C. I saw my job mostly as clearing away regulatory roadblocks for new bars and […]
Is the Fed’s $3 Trillion in Loans to Trading Houses on Wall Street Legal?
The House Financial Services Committee has released its memorandum outlining the topics that will be raised in its hearing tomorrow with Federal bank regulators, which will include Randal Quarles, Vice Chairman of Supervision at the Federal Reserve. Noticeably absent from the list of topics is what legislative authority the Federal Reserve has that gives it […]
Trump Announces Tariffs on Steel and Aluminum From Brazil and Argentina…
Brazil and Argentina will face American tariffs on steel and aluminum, President Donald Trump announced early Dec. 2. “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into […]
Pelosi Working to Put a ‘Better Face on Globalization’ Through the U.S.-Mexico-Canada Trade Deal…
…”We still have some issues that relate to enforcement because if you don’t have enforcement you just have a nice conversation and a list of nice things, but you do not have a fair deal for workers in any of the countries.” “And that’s what we want,” she continued. “Not just a good deal for […]
The New York Fed Has Some Explaining to Do Over Morgan Stanley’s Unreported Trading Losses…
James Gorman is the Chairman and CEO of Morgan Stanley. He also sits on the Board of Directors of the Federal Reserve Bank of New York (New York Fed), one of Morgan Stanley’s regulators. The New York Fed is one of 12 regional Federal Reserve banks – but the only one willing to turn on […]
Cyber Monday Sales on Track to Top $9B…
Cyber Monday is far from over, but analytics show a combination of harsh winter weather and the popularity of shopping via smartphone is putting the day on track for $9.4 billion in sales, which is nearly 19 percent year-over-year growth. Cyber Monday had already reached $473 million in online sales as of 9 a.m. EST […]
MAGAnomics – U.S. Black Friday Online Consumer Spending $5.4 Billion (+22%)…
Jumpin’ ju-ju bones…. Keep in mind as you review these numbers – U.S. consumer spending accounts for two-thirds of total U.S. GDP. The sales numbers from Thanksgiving and Black Friday are exceptionally strong, showing confidence by consumers this holiday season. This is not the ‘recession’ we were promised by pundits. Continued strong wage growth amid […]
3rd Quarter U.S. GDP Growth Revised Upward, Durable Goods Orders Increase, New Home Sales Increase 31.6% Year-over-Year…
More signs the U.S. economy is very strong show up today as several key economic indicators defy prior economist predictions. Staring with a significant upward revision by the Bureau of Economic Analysis for the third quarter GDP growth from 1.9% to 2.1% – The revision to GDP reflected upward revisions to inventory investment, business investment, […]